Bitcoin consensus unravels: Bitwala backs out of New York Agreement

The agreement that promised to resolve bitcoin’s scaling issue has started to fall apart.

This week, payment service provider Bitwala announced that it will not support the so-called New York Agreement (NYA), despite being a signatory of the said consensus.

Bitwala was one of the companies that agreed to a plan in May to deploy Bitcoin Core’s Segregated Witness (SegWit) proposal along with a 2MB hard fork within six months. At the time, Barry Silbert’s Digital Currency Group said the proposal was supported by 56 companies in 22 countries, representing 83.28 percent of bitcoin’s hashing power, 20.5 million wallets and $5.1 billion of monthly transaction volume on the bitcoin network.

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